Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Memorandum of Understanding with City of Half Moon Bay Regarding Affordable Housing Development and Lease/Leaseback Transaction
RECOMMENDATION:
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Adopt a resolution:
A) Authorizing and directing the County Executive, or designee(s), to negotiate and execute a Memorandum of Understanding (MOU) between the County of San Mateo and the City of Half Moon Bay regarding development of an affordable housing project at 880 Stone Pine Rd., Half Moon Bay, CA 94019; and
B) Authorizing and directing the County Executive, or designee(s), to negotiate and execute a Lease Agreement and Sublease Agreement with the City of Half Moon Bay under which the County of San Mateo would make a one-time lease payment to the City of Half Moon Bay in an amount not to exceed $3,200,000 to be repaid by the City of Half Moon Bay under a sublease with interest at a rate of 3.13% per annum over a term of 10 years; and
C) Authorizing and directing the County Executive, or designee(s), to execute, on behalf of the County of San Mateo, all notices, options, consents, approvals, terminations, and documents associated with the Lease Agreement and Sublease Agreement, and the taking of all necessary actions in connection therewith.
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BACKGROUND:
A. Affordable Housing Development and Cooperation
There is a critical lack of affordable housing for low-income residents throughout San Mateo County, including the Coastside. Indeed, San Mateo County's Regional Housing Needs Assessment (RHNA) requires the development of nearly 20,000 "Very Low Income" and "Low Income" units for the 2023-2031 cycle. Thus, the County has an interest in, and serves a public purpose by, supporting the development of affordable housing for San Mateo County residents, especially our most vulnerable low-income families.
According to HCD, California far...
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